Hi {first_name},
In our last email we gave you some great information about how the length of time your credit history can affect your score. Now we will show you a few things you can do to help with that.
Become an authorized user on someone else's account.
You can become an authorized user on another account. For example, parents would be a good start as they would likely have older accounts. Usually, you will get the benefit of their longer credit history reported to yours.
Possible downsides to this: You need to work with someone who you trust and someone who trusts you as you will have the ability to charge things on that card that they will ultimately be responsible for if you can not pay. You may find that some credit card companies don’t report authorized users to the credit bureaus so it’s a good idea to call and check first.
Get a secured credit card.
If your credit isn’t good enough to get approved for regular credit cards, you can apply for a Secured Card. Essentially, you usually deposit an amount, say $300 into an account and they issue you a credit card with that same limit.
So, your deposit secures the card so they don’t have any risk, and you benefit from having a credit card account that will report to the bureaus and start you on your way to building a good credit score.
In your next email we’ll go over another couple of ways to help with your credit history.
Sincerely,
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